Daily News Roundup - June 3 2010

RCOM to give up strategic stake to fund 3G foray. (ET)

NTPC is set to acquire controlling interest in a 720mn tone coal field in Australia in a deal valued at US$1-1.5bn, which will enable it to fire about 3,500MW of power capacity. (ET)

RIL revives plan to build a multi-billion-dollar chemical plant. (ET)

Sun Pharma rejects Guggenheim Partners’ US$215mn offer for Taro stake. (ET)

SASOL, the largest producer of motor fuel made from coal, plans to spend US$10bn in India in partnership with Tata Group on a block awarded last year. (ET)

RIL’s hunt for more hydrocarbons on India's East coast could slow as the company's drilling programme in the region is facing delays due to ‘unresolved mechanical' issue in the rig hired from Transocean. (BL)

Tata Motors inaugurated its Nano manufacturing plant at Sanand in Gujarat. (BS)

Ranbaxy is recalling all unused stock of one batch of its drug Gabapentin from the UK. (ET)

THE oil & gas sector regulator has asked Gail Gas to refrain from setting-up gas filling stations at places it has not yet approved. (ET)

MMTC, National Fertilisers and RCF are the latest companies to join the Government divestment list. (ET)

GMR Energy has raised Rs3.5bn from IDFC Group for a minority stake. (ET)

The Hinduja Group plans to raise nearly US$1bn by an IPO of its lubricant arm Petromin in Saudi Arabia this year. (ET)

JSW Steel to raise about Rs21bn through an issue of warrants to promoters on a preferential basis to help cut debt. (ET)

Aditya Birla Minacs, the BPO arm of the Aditya Birla Group, has acquired the US-based Bureau of Collections Recovery. (ET)

FMCG major Godrej Consumer Products has acquired Argentinian hair care company Argencos. (ET)

CERC has approved PowerGrid Corporation’s plan to set up nine High Capacity Power Transmission Corridors costing Rs581bn. (BS)

GTL is believed to be in talks with Reliance Infratel, the telecom tower arm of RCom, for a strategic partnership. (BS)

Ashok Leyland and Nissan, who have joined hands for manufacturing light commercial vehicles (LCV), are planning to roll out their first product by mid-2011. (BS)

Punjab Tractors is increasing production capacity of its ‘Swaraj' brand of tractors by 30% this fiscal. (BL)

Shree Renuka Sugars is negotiating a 25-28% reduction in the acquisition price for its proposed Equipav buyout. (ET)

Infotech Enterprises has signed a long-term master service agreement with Norway’s drilling and well services company Seawell AS to provide engineering support services. (BS)

The pan-India bid for Broadband Wireless Access (BWA) spectrum touched Rs 86bn on Wednesday translating into revenues of Rs258bn for Government from the sale of three slots. (ET)

The Union Finance Ministry plans to define any equity placement prior to an IPO as promoter shareholding for the purpose of calculating minimum public float. (BS)

According to chief Statistician Pronab Sen, India’s economy might accelerate to 9% in Q1 on strong consumer demand. (BS)

According to data released by the RBI, bank credit went up by Rs24bn to Rs 32,302bn at the end of May 14, a yoy increase of 18%. (BS)

India’s food processing sector, which was growing at about 6% four years ago, is now expanding at nearly 15% annually, as per the Union Minister of State for food processing industries. (ET)

India’s fifth ultra mega power plant will be set up at Chhattisgarh. (ET)

Technology research firm Forrester has raised the growth forecast for Global IT Spend to an extremely healthy 9.3%. (BS)